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© Reuters. FILE PHOTO: The holder of the electric tobacco heating system IQOS of cigarette maker Philip Morris Switzerland is displayed after a news conference in Bern, Switzerland November 19, 2019. REUTERS/Arnd Wiegmann
(Reuters) -Marlboro cigarettes-maker Philip Morris International Inc (NYSE:) on Thursday raised its buyout offer for Swedish Match AB to 116 crowns per share and said it had no plans to increase its bid further.
The revised offer values Swedish Match at nearly $15.8 billion.
“We believe the best and final price in our revised offer for Swedish Match provides very compelling value for the shareholders of both Swedish Match and PMI,” said Jacek Olczak chief executive officer of PMI.
Philip Morris made an all-cash offer of 106 crowns per share for the Stockholm-based group in May, seeking to expand in the fast-growing market for cigarette alternatives.
The company had earlier said that it was expecting EU antitrust approval for its Swedish Match bid in late October.
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